![]() The money that goes into this account will eventually be used to pay settlements to your creditors. It starts with you setting aside money in a special-purpose designated account you own. The process is relatively similar, whether with Freedom Debt Relief or with most other debt-relief companies. Is Your Debt Relief Company Legit? How Debt-Relief Services Work Our affordable program could help you resolve your debt in 24-48 months.* As the leader in debt resolution, we have resolved over $15 billion in debt for over 800,000 people. That’s why many people turn to professional debt-settlement companies like Freedom Debt Relief for help. However, negotiating with creditors on your own can be a long, laborious process. If you choose this tactic, you need to contact your creditors directly, negotiate with them to reduce what you owe, and get a written agreement that outlines the terms of your negotiation. Why is it common? Settling an account for less than what’s owed is often preferable to either (1) receiving nothing from a debtor or (2) going through the time-consuming and costly process of seeking a judgment against a debtor in court.Īlternatively, you could try to negotiate and resolve your debts independently if you have the time and negotiation skills required. ![]() That’s when a creditor agrees to reduce the amount you owe and “settle” the debt for less.ĭebt negotiation is a common practice for many creditors and other companies that manage debt. A crucial part of debt relief is debt negotiation. What Is Debt Relief?Īs the name suggests, debt relief is about helping you get some breathing room when dealing with overwhelming debt. If you’re looking for a solution to your debt challenges, weighing the pros and cons of debt relief can help you decide if it’s right for you. Since 2002, Freedom Debt Relief has enrolled over 800,000 clients and settled more than $15 billion in debt. This type of service is what Freedom Debt Relief provides. The process is also referred to as “debt settlement.” Companies that provide such services work with your creditors on your behalf to reduce the amount of debt you owe. You may seek debt-relief services when you need help with debt.
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